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What Do Babies Cost? The Monthly Expenses to Anticipate

Posted on September 21, 2021   |   Comments 

While moms with several kids may be able to estimate how much it costs to have a baby, new moms often don't anticipate all the associated costs. A first-time mom anticipates spending around $600 a month on costs for their baby. However, the number is actually a little more and runs around $1500 a month on average according to a survey conducted by Now Loan.

Keep in mind though that costs can vary depending on a number of factors. Child care costs may be higher in certain areas. Babies that have health problems or concerns may also have a higher cost in general. The costs may also be on the rise. Between, 2015-2016, the cost of having a baby rose about 10%.


Where Does It Go?

That seems like a huge amount of money to spend on a baby so where does the money go? The initial cost is probably going to be more than your average expenses, especially for first-time moms. Before the baby arrives, you'll likely have a fair number of purchases to make from baby furniture to strollers, and other equipment. Even just having the baby with insurance can come at a fairly high cost. Once the baby arrives though and you've got the equipment you need, these are the primary areas where you'll spend.


1. Medical and Childcare Costs

In the first year of your baby's life, you'll make around six visits for regular evaluations and immunisations. Depending on your insurance, you may pay slightly more or less. Child care also can run fairly high. The average monthly childcare cost for a baby is about $800 if you choose a family care center. A nanny or a daycare center may have a higher cost. Many parents get creative when it comes to child care costs but unless one parent is staying home with the baby, the cost of taking your baby to a daycare is one of the highest expenses.


2. Clothing and Food

In general, your baby's material needs during the first year of life are fairly small. If you're nursing the baby, you won't have to pay for formula although the cost of formula can be expensive. Your baby will also go through multiple diapers throughout the day. Some moms prefer to use reusable diapers but there is still a cost of purchasing and cleaning them. Clothing costs may be fairly low since many parents will receive clothes during showers. However, all of these costs can range from $200-500 a month on average. The costs here are more variable since there are several factors influencing the costs.

The bottom line of all of this is that babies are a major life decision that also come with some costs! While our little bundles of joy bring us a great deal of happiness, it's also important to budget for these expenses when they come along. In general, you'll probably need around $1,500 a month for your baby's first year of life. Prepare for this if you can, and you'll find that it's easier to manage these expenses in that first year.

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